- Valid Network announced that it has raised $8 million in a seed round of funding
Valid Network announced that it has raised $8 million in a seed round of funding to enable customers to adopt and automatically protect blockchain technology. Launched by security veterans Kfir Nissan and Gilad Eisenberger, Valid Network’s solution is protocol-agnostic and ensures compliance while dynamically detecting and preventing breaches.
With this round of funding, the company will fuel further research and development of its solution and increase its engineering and research teams in Israel. And Valid is going to open an office in New York City, scaling business development, and partnership efforts.
The seed round of funding was led by Ten Eleven Ventures — which is a U.S. based cybersecurity venture firm that invested in 23 cybersecurity companies such as Verodin and Cylance. Jerusalem Venture Partners (JVP) also participated in the round. In connection with the funding round, Ten Eleven Ventures co-founder and general partner Mark Hatfield is joining the company board of directors.
Enterprises are building applications that tap into distributed ledger technology for addressing transactional and record-keeping business challenges such as payments and settlements, provenance, asset tracking, identity management/KYC, and trade finance. And employing distributed ledger technology in these use cases can reduce friction, lower costs, improve cash flow, and enable new business models thus making blockchain-based applications a strategic tool for companies worldwide.
Even though some perceive blockchain technology as already secure, this is not the case. To develop and deploy complex decentralized global applications that share business processes, data between enterprises has exposed new security and assurance challenges. And a new kind of solution is required for organizations to benefit from blockchain technology fully. In order to address this, Valid Network has pioneered a fully automated solution to secure enterprise-grade blockchain business applications throughout the entire lifecycle.
“We built Valid Network on the vision that blockchain-based technologies will open a whole new world of possibilities for businesses globally, unleashing new efficiencies and ways of working. Valid Network will enable safer and faster adoption of these revolutionary technologies for the benefit of organizations and consumers worldwide. We are thankful for the vote of confidence by our investors, and plan to work hard to fulfill our ambitious plans and make Valid Network into a sustainable, thriving company that brings tangible value to its customers.”
Valid Network co-founder and CEO Kfir Nissan
“Blockchain-based technologies are enabling a new wave of efficiency and innovation for enterprises, however securing these solutions has been an afterthought to date. Kfir, Gilad, and the Valid Network team have built a comprehensive solution to address the unique challenges and needs of these new business critical apps. The company’s next phase of growth will focus on building and scaling a global organization that can help accelerate the use of decentralized applications securely and effectively.”
— Mark Hatfield
“Valid is not like other cyber companies. The company has developed breakthrough technology protecting blockchain systems, unseen until now. Recently, numerous organizations are adopting blockchain-based technologies for internal use, the ability to make this technology available and safe is desperately needed. Valid’s technological solution is the key to safe, efficient and reliable enterprise adoption of blockchain technologies, with real-time monitoring and detection.”
— JVP Partner Gadi Portal